Between 1994 and 1997, Canadian-based Bre-X Minerals sponsored and enthusiastically promoted listings on the TSX and NASDAQ by JPMorgan, Lehman, BMO, Scotia as well as others, who were exploring for gold on the Busang property on the Indonesian island of Borneo. Their efforts bore the discovery of a lifetime: a mammoth deposit speculated to contain over 200 million ounces of easily extractable gold. The company's stock exploded from 25 cents to $270, giving them a valuation of over $6 billion. Major mining companies like Barrick, Placer Dome and Freeport McMoran started competing to develop...
Between 1994 and 1997, Canadian-based Bre-X Minerals sponsored and enthusiastically promoted listings on the TSX and NASDAQ by JPMorgan, Lehman, BMO, ...